Commitment to the Trade Modernisation agenda

BudgetTrade and Exports

31 March 2022

Within the Federal Budget 2022-23, the Government has demonstrated its commitment to delivering benefits for Australian businesses and laying the foundational steps toward a world-class cross-border trade system.

Of most significance, and specifically of benefit to exporters, $267.1m has been invested in a whole-of-government, Simplified Trade System that will streamline trade processes, reduce the cost and time of exporting and make it easier for agricultural businesses to compete internationally.

The measures include:

  • $127.4 million to continue and expand the Digital Services to Take Farmers to Market initiative to transform the delivery of Government agricultural export systems.

  • $80.0 million to provide additional support for small and medium export businesses to re-establish their presence in overseas markets through the Export Market Development Grants program.

  • $48.0 million to modernise Australia's trade system, reduce the regulatory burden on exporters and identify opportunities for further reforms.

  • $11.7 million to expand the Trade Information Service to provide exporters with a single source of online information to facilitate access to international markets.

The funding is a welcomed and considerable increase on last year’s Budget, which had only allocated $37.4 million over three years for Simplified Trade System reform.

Currently in Australia, more than 28 Commonwealth government agencies administer regulations that impact cross-border goods and private sector feedback during consultation has confirmed that Import and export processes are expensive and time-consuming.

Therefore, close engagement between the Simplified Trade System Taskforce and business will be critical to co-design reforms that deliver better regulations, business processes and solutions to simplify border systems and services and consultation with the private sector is a must to deliver the best outcomes for business.

Check out the full coveragefrom the Federal Budget 2022-23, which will continue to develop throughout the week as new insights and video content are published.

References:

https://www.austrade.gov.au/simplified-trade-system-home

https://budget.gov.au/2022-23/content/bp1/download/bp1_2022-23.pdf

https://www.dfat.gov.au/sites/default/files/pbs-2022-23-foreign-affairs-and-trade-portfolio-budget-statements-2022-23.pdf

Author: Matthew Morgan

Matthew is a Licensed Customs Broker & International Trade Specialist with over 18 years experience working in the logistics and professional services industries. His experience is complemented by university studies in international business, public relations and customs administration. Matthew is actively involved within the National Committee for Trade Facilitation (NCTF), which is the primary group that actively engages with the Department of Home Affairs on trade modernization initiatives. With a passion for emerging technologies and Logistics 4.0, Matthew incorporates integrated digital solutions within his service offering to help clients optimise their supply chains, navigate the regulatory burdens of global trade and succeed in new markets